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Today, data-powered recruitment marketing platform Recruitics announced the launch of its new Talent Market Index, providing the most accurate and current assessment of employer demand and job seeker supply in the market to-date, the company said.
Using billions of data points across organizations of all sizes and various verticals, the index observes internal data of advertising campaigns such as Cost per Click (CPC) and Cost per Application (CPA). The result, Recruitics said, is valuable insight into the dynamic landscape of talent acquisition costs, offering a unique new lens into the job market that accounts for employers’ willingness to invest in paid advertising for open jobs.
This account of employer willingness is a better indicator than traditional measures of the labor market, such as BLS reports or ADP payroll data, according to the company. “Our new index offers a unique perspective to a data-hungry market by focusing on how prices paid for actual applications are trending, giving businesses a new understanding of the shifting dynamics in the talent market,” Recruitics CEO Adam Stafford said in an interview.
Currently, in the U.S, there are two primary sources that provide insight into the labor market on a monthly basis: ADP’s National Employment Report and the Bureau of Labor Statistics (BLS) Employment Situation Summary. The ADP report offers a private-sector snapshot, typically released a few days before the BLS report, estimating changes in nonfarm private employment and serving as an early indicator of trends in employment growth or contraction. Conversely, the BLS reports on both private and public sectors, and includes data on various labor market indicators such as unemployment rate, nonfarm payrolls, average hourly earnings, and labor force participation rate.
Recruitics’ Talent Market Index is intended to supplement these reports by providing a data-backed indicator for hiring intent. While the existing reports from ADP and BLS provide valuable insights into employment changes, they lack the ability to gauge the urgency or necessity for hiring within companies, the company said. Understanding hiring intent could shed light on factors such as workforce planning, business expansion, and economic confidence, providing a more nuanced understanding of labor market dynamics and potential future trends.
The report from Recruitics will go public on a quarterly basis.
